The Harmonic Bat is a variation to the Gartley pattern which was developed by Scott Carney. It is considered to be one of the more accurate patterns exhibiting a higher success rate than any other harmonic patterns. The bat pattern might look similar to a Gartley 222 Butterfly pattern but differs only minutely in terms of the Fibonacci ratios between the...
It is the second most important trading pattern in Harmonic Pattern series , called Gartley Pattern which is also frequently observed in markets. This post a second post of educational series related to Harmonic Patterns,
In this post, I cover the following things regarding the pattern
1. Pattern Traits
2. Step by Step formation of the Pattern
3. Bullish Gartley...
In this Educational post, I will be sharing the most basic and simple harmonic pattern: AB=CD Pattern
1. Formation of the Pattern
2. What to look in the pattern
3. Targets
4. Stoploss
5. Risk
This is a new series of Harmonic Patterns, where I shall be discussing about the below patterns:
1. AB=CD Pattern
2. Gartley Pattern
3. Cypher Pattern
4. Bat Pattern
5....
Its almost 5 months & Dollar Rupee has been moving in the range of 217 pips from lows@66.05 in April2016 to 68.22- High kissed on Brexit Day-24th June2016.
There are probably two patterns which could pan out in coming days.
Scenario-1: USDINR making higher lows from 66.05 - Next 66.62 - Latest 66.77- which indicates that dollar accumulation is going on & once...
USDINR broke its Longterm Uptrending Line, a few Weeks Back. Also as can be seen, its setting up for multiple level of breakdown from Head and Shoulder Pattern. BUT it needs more downward price action for Confirmation.
The price action is been range bound in this pair for a while and now I'm looking forward for a big breakout in it. I would appreciate if anyone could share their opinion on it or post something related to it.
Regards
Here we have potential ABCD completion around 66.1's in USDINR but it will happen only after the support at 66.5's takenout. As of now I expect USDINR will move little up to 66.85's before starting its downward move. Incase the resistance is taken out, we need to decide based on what happens after that.
Hit Like button to keep me motivated to post more...
